Full-Scale Redevelopment Begins in Sinwol-dong
A Large-Scale Complex with Up to 21 Stories and 3,149 Units Planned
On November 6, Yangcheon-gu District Office in Seoul (headed by District Mayor Lee Gijae) announced that, in accordance with Article 27 of the Urban and Residential Environment Improvement Act, it has officially designated Korea Land & Trust as the project implementer for the Sinwol Sigyeong Apartment Reconstruction Project.
This designation was made just 22 days after Korea Land & Trust applied with the consent of 80% of landowners and 85% of the area. The district plans to expedite subsequent administrative procedures, including approval processes, to ensure the smooth progress of the redevelopment project in the Sinwol-dong area.
The Sinwol Sigyeong Apartment reconstruction will be carried out using a trust-based method. In this structure, the trust company handles the entire process, from obtaining permits and selecting a construction company to sales and settlement. By involving a professional maintenance company from the initial stage, the project can enhance its expertise, accountability, and transparency.
As the project implementer, Korea Land & Trust will proceed with key steps-such as finalizing the maintenance project regulations, contracting with a professional management company, and selecting a construction company-through general meetings in which all landowners will participate.
Upon completion of the reconstruction, the current Sinwol Sigyeong Apartment complex, which consists of 2,256 units in 12-story buildings, will be transformed into a new development with up to 21 stories and 3,149 units. The site area is approximately 153,000 square meters, and a floor area ratio of 250% will be applied. The area is rich in green infrastructure, including Hanul Neighborhood Park, Reading Park, and Geumsil Children’s Park. In addition, roads, parking lots, and other infrastructure will be improved, creating a pleasant residential environment adjacent to urban forests.
Yangcheon-gu expects that this designation will accelerate the full-scale redevelopment of the Sinwol-dong area. Currently, 14 apartment complexes in Mok-dong are completing their designation as maintenance zones within the year, with a large-scale redevelopment project underway for approximately 48,000 units. Including Sinwol Sigyeong Apartment, the Sinwol 1 and 3-dong Moa Towns, and the Sinwol 5 and 7-dong redevelopment projects, about 10,000 additional units are scheduled for redevelopment, laying the foundation for balanced regional development.
Lee Gijae, Mayor of Yangcheon-gu, stated, “In order to enhance the urban competitiveness of Yangcheon, it is essential to achieve balanced regional development not only through the reconstruction of Mok-dong apartments but also through the reconstruction and redevelopment of Sinwol-dong. I hope that the designation of the project implementer for the Sinwol Sigyeong Apartment project will serve as a catalyst to invigorate the redevelopment efforts in the Sinwol-dong area.”
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